China rejects US senators' criticism on currency (AP) Updated: 2006-09-15 19:15
BEIJING - Responding to a call by two key US senators for a vote on
possible punitive tariffs on Chinese goods, Beijing warned Washington on Friday
that linking a dispute over its currency to the US trade deficit would hurt both
sides.
"The current friction in Sino-US trade is normal," Commerce Ministry
spokesman Chong Quan said at a news conference, according to the official Xinhua
News Agency. Chong said linking China's currency policy and the US trade deficit
is "adverse to both sides," Xinhua reported.
US Senators Lindsey Graham and Charles Schumer appealed this week to
lawmakers to schedule a vote on a bill that would raise tariffs on Chinese
imports. They complained that Beijing has done too little to reform its
exchange-rate policies.
Chong's reported comments didn't mention Graham and Schumer's bill but Xinhua
said it was in response to their remarks.
Washington and other trading partners say the exchange rate for its currency,
the yuan, is too low and gives Chinese exporters an unfair price advantage,
hurting foreign competitors.
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